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Do accounts still "fall off" after BK?

Established Member

Do accounts still "fall off" after BK?

My husband and I filed CH 7 BK in January 2013. We are awaiting discharge paperwork.

 

About half of my accounts that were included in the BK were opened around 2003-2005 and those accounts started being reported as late, etc. in 2007, with virtually no activity until I filed BK.

 

My question is: when would these accounts start "falling off" my credit report? Is time restarted (so to speak) when I filed BK?

 

 

Hopefully that made sense.

 

P.S. LOVE this place, I became a NFCU member immediately! Smiley Happy

Message 1 of 11
10 REPLIES
Community Leader
Senior Contributor

Re: Do accounts still "fall off" after BK?


sewinlove wrote:

My husband and I filed CH 7 BK in January 2013. We are awaiting discharge paperwork.

 

About half of my accounts that were included in the BK were opened around 2003-2005 and those accounts started being reported as late, etc. in 2007, with virtually no activity until I filed BK.

 

My question is: when would these accounts start "falling off" my credit report? Is time restarted (so to speak) when I filed BK?

 

 

Hopefully that made sense.

 

P.S. LOVE this place, I became a NFCU member immediately! Smiley Happy


Welcome to the boards and welcome to NFCU! Your accounts will still fall off around 7 years after the DOFD. Best of luck in your rebuilding.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 2 of 11
Valued Contributor

Re: Do accounts still "fall off" after BK?

They will still fall off between 7 and 7.5 years after date of first delinquency. But do make sure they all update to zero balance an IIB, that will make your scores jump quite a bit.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 3 of 11
Valued Contributor

Re: Do accounts still "fall off" after BK?

Each negative entry falles off as stated 7-7.5 years after it occurred ()This may include the IIB, I'm not sure).  So since BK stays on for 10 years, you may eventually have clean lines.  Clean lines may stay on as long as 10 years from the date the account was closed or it's last activity, so could be 10 years from being IIB.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 4 of 11
Established Member

Re: Do accounts still "fall off" after BK?

Thanks everyone! I am currently duking it out with creditors and EX, EQ and TU about my accounts. SEVERAL of my creditors are not updating to reflect 0 balances/liability -- or even reporting it as being included in bankruptcy. I have one in particular that is flat out refusing to report as being in bankruptcy but then today udpated my EQ and reported the account was now in collections!!

Message 5 of 11
Valued Contributor

Re: Do accounts still "fall off" after BK?

That's a violation of the stay. I'd either write them a letter saying fix it or I'm dragging you into court, or have your attorney do it.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 6 of 11
New Member

Re: Do accounts still "fall off" after BK?

I have a couple of creditors doing that.  I filed Ch. 7 in August 2012 and was Discharged in 2012.  The account just showed up as in collections in March 2013.  What?  they were included on the bankrupcty.  I called them and fax documentation to them and they were very rude.  Keep saying they never received it but, I have fax confirmatino that it was received three times.  Any suggestions?

Fico Score: 588
Tu:642
EQ: 639
EX: 639
Message 7 of 11
Valued Contributor

Re: Do accounts still "fall off" after BK?

A BBB complaint, or if you want, and Intent to Sue letter.  But only do the ITS if you actually intend to sue.  It may be worth your while since its $1000 per violation.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 8 of 11
Member

Re: Do accounts still "fall off" after BK?

Send the BK info certified mail and document everything you send to all the credit reporting companies.

Sending by fax is faster but doesn't hold the weight a certified letter does.

Document any conversation with WHO, DATE and Time.

Document any phone calls that you receive and any bills or collection letters and keep everything!!

Then if it gets that far give it all to your attorney!

You will be glad you took the time.

 

Message 9 of 11
Valued Member

Re: Do accounts still "fall off" after BK?

I had an issue where a number of accounts were sold prior to the filing and as such, they refuse to change the charge off status to included in bankruptcy. Don't know if this is the same as your situation.

Message 10 of 11